Financial Security Institute Launches First Data Exchange-Professional Institution Linked Service in Financial Sector

Financial Data Exchange Data Integration Support Service Usage Procedure
Photo by Financial Security Institute

[Asia Economy Reporter Song Seung-seop] The Financial Security Institute announced on the 15th that it will open the "Data Integration Support Service," linking the financial data exchange (FindDX) and data specialized institutions for the first time in the financial sector.

The Data Integration Support Service is a system that supports data purchase and integration in a "one-stop" manner. When a data purchaser selects two or more datasets from the financial data exchange and applies for integration, the specialized institution combines the data and provides the results.

The Financial Security Institute operates the financial data exchange and is also a data specialized institution under the Credit Information Act. It performs efficient data integration support, anonymization, adequacy evaluation, and pre-integration rate confirmation services.

According to the Financial Security Institute, to celebrate the opening of the integration support service, the "Pre-Integration Rate Confirmation Service" can be used free of charge until the end of April. This system provides the integration rate to data-using institutions before actual integration is conducted. It offers an opportunity to decide on data integration by assessing the utility and value of the data, with a cost of 300,000 KRW per case.

To use the service, companies must register as corporate members of the financial data exchange, receive guidance on benefits and application methods from the company representative, and apply through the data specialized institution portal. When applying for the service, the requesting institution must include a financial company to be eligible. For example, data integration between a distribution company and a telecommunications company is not possible.

Kim Young-gi, President of the Financial Security Institute, emphasized, "With the opening of the data integration support service linking the financial data exchange and data specialized institutions, we have established a data infrastructure that can comprehensively support the creation of new data businesses. Since any company participating in the financial data exchange can use this service, we expect active participation from companies wishing to trade and integrate data in various fields such as finance, distribution, and telecommunications."

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